XML 39 R26.htm IDEA: XBRL DOCUMENT v3.24.0.1
Business Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments Business Segments
The Corporation manages its operations through two reportable business segments, consisting of Commercial Banking and Wealth Management Services.

Management uses an allocation methodology to allocate income and expenses to the business lines. Direct activities are assigned to the appropriate business segment to which the activity relates. Indirect activities, such as corporate, technology and other support functions, are allocated to business segments primarily based upon full-time equivalent employee computations.

Commercial Banking
The Commercial Banking segment includes commercial, residential and consumer lending activities; mortgage banking activities; deposit generation; cash management activities; banking activities, including customer support and the operation of
ATMs, telephone banking, internet banking and mobile banking services; as well as investment portfolio and wholesale funding activities.

Wealth Management Services
The Wealth Management Services segment includes investment management; holistic financial planning services; personal trust and estate services, including services as trustee, personal representative and custodian; settlement of decedents’ estates; and institutional trust services, including custody and fiduciary services.

The following tables present the statement of operations and total assets for Washington Trust’s reportable business segments.
(Dollars in thousands)
Year ended December 31, 2023Commercial
Banking		Wealth
Management
Services		Consolidated
Total
Net interest income$137,061 $37 $137,098 
Provision for credit losses3,200 — 3,200 
Net interest income after provision for credit losses133,861 37 133,898 
Noninterest income 20,006 36,134 56,140 
Noninterest expenses:
Depreciation and amortization expense3,460 1,388 4,848 
Other noninterest expenses99,506 29,203 128,709 
Total noninterest expenses102,966 30,591 133,557 
Income before income taxes50,901 5,580 56,481 
Income tax expense7,028 1,277 8,305 
Net income$43,873 $4,303 $48,176 
Total assets at period end$7,146,096 $56,751 $7,202,847 
Expenditures for long-lived assets5,013 35 5,048 
(Dollars in thousands)
Year ended December 31, 2022Commercial
Banking		Wealth
Management
Services		Consolidated
Total
Net interest income (expense)$156,040 ($50)$155,990 
Provision for credit losses(1,300)— (1,300)
Net interest income (expense) after provision for credit losses157,340 (50)157,290 
Noninterest income23,088 39,514 62,602 
Noninterest expenses:
Depreciation and amortization expense2,948 1,377 4,325 
Other noninterest expenses94,025 30,372 124,397 
Total noninterest expenses96,973 31,749 128,722 
Income before income taxes83,455 7,715 91,170 
Income tax expense17,557 1,932 19,489 
Net income$65,898 $5,783 $71,681 
Total assets at period end$6,585,310 $74,741 $6,660,051 
Expenditures for long-lived assets5,475 664 6,139 
(Dollars in thousands)
Year ended December 31, 2021Commercial
Banking		Wealth
Management
Services		Consolidated
Total
Net interest income (expense)$141,493 ($58)$141,435 
Provision for credit losses(4,822)— (4,822)
Net interest income (expense) after provision for credit losses146,315 (58)146,257 
Noninterest income44,748 42,646 87,394 
Noninterest expenses:
Depreciation and amortization expense2,827 1,474 4,301 
Other noninterest expenses101,029 30,134 131,163 
Total noninterest expenses103,856 31,608 135,464 
Income before income taxes87,207 10,980 98,187 
Income tax expense18,575 2,742 21,317 
Net income$68,632 $8,238 $76,870 
Total assets at period end$5,776,754 $74,373 $5,851,127 
Expenditures for long-lived assets3,246 244 3,490